India negotiates rare LNG price cut

The Indian government has successfully renegotiated a cut price liquefied natural gas (LNG) deal with global giant ExxonMobil.

The renegotiation is a trade-off for ExxonMobil. India’s largest natural gas importer, Petronet LNG, will increase its volumes from ExxonMobil's Gorgon LNG project in Australia by around a third to 2.5m per annum for 20 years, but at cheaper rates than previously agreed in 2009.